3 Ways to Expand Your Business and Earn More Money

Would you like to earn more money doing the same business you already have experience, expertise and loyal customers?

If yes, then you must seek for ways to expand your business without breaking the bank. Unlike what most gurus are telling you, if you are just starting out, you don’t need to worry yourself about how to secure bank loan. Because there are alternatives you can still take to scale your business.

Running a successful business is one of the most rewarding experiences you can ever have: it takes grit, determination, patience, compassion, and a whole lot of ideas to keep the revenue streaming in month-over-month.

For many business owners, especially solopreneurs, the thought of seeking for more ways to make money might happen as a result of market drought, market saturation, or the introduction of a fierce competitor.

Planning for new revenue models might also come up when entrepreneurs are looking to make a change and focus on something different for their business.

Regardless of why you are starting to plan for new revenue streams in your business, here are three ways to do it so you can start earning more money sooner, rather than later.

#1. Teach Others What You Know to Earn More Money

One of the most popular ways for a business to expand its products and services is through passing on information to other people.

This monetization strategy that is based on passing on information might be in the form of online training programs, in-person workshops, paid speaking engagements, or through selling step-by-step guides that can help others create for themselves what you have created for yourself like I’m doing with my course, Social Selling Mastery.

Workplace training programs are popping up everywhere, and regardless of the kind of business you run, there is an opportunity to teach someone to do what you are doing, or how to use your products, and more.

If you choose to go by this monetization strategy as a way to expand your business but you don’t know how to negotiate what you should be paid for your effort, I’ve got a step-by-step negotiation guide from Karrass to help you.

How about if you sell a SaaS (Software as a Service) and you don’t want to teach others how to create their own SaaS product because you fear they might become your competition?

Good thinking.

So how else could you provide training opportunities or create opportunities for learning that relate to your SaaS product?

The solution is simple.

If your SaaS is an organizational tool, you could conduct training on how to plan and organize the next quarter of your business operation.

If your SaaS helps people book clients, you can organize workshops on how to close sales and admit students in batches.

If you run a fashion boutique instead of selling a software product, you can hold lessons on how to put together a killer outfit for an interview, promotion dinner, meeting a new client, date, family reunion and more.

If you are more reserved and don’t like to talk in front of people, you might consider writing a how-to book about your product or service. You can promote it on your website and through social media channels and use it as a way to earn extra income by teaching others about your business.

If you choose to promote it using Facebook ads but don’t know how to get a highly converting campaign, you can hire the services of Ebusinessroom Ventures.

#2. Paid Social Media Exposure

If you have a decent social media following especially with a large audience from the U.S., UK and Australia, or even if you don’t and you work in a really niche market, you could start offering paid features on your social media accounts. In a nutshell, it is called, Influencer marketing.

Influencer marketing is a growing trend on social media platforms such as Instagram where account holders will charge a nominal fee to feature brands on their Instagram timeline. Some of these popular U.S. influencers charge as high as $50,000 per social media update.

If you have a lot of followers, this could prove to be lucrative for both your business, as well as the people you are selling feed space to – everyone wins in a situation like this.

To get started with this method of growing your business and making more money in the process of doing it, all you have to do is to determine how much you want to charge, the kind of content you want to share, and how often you’ll feature someone on your social media feed.

It’s not rocket science. I do it and earn big every month from it.

If you are new, you don’t have a large audience or you hate pitching people for fear of being rejected, you can sign up with ValuedVoice now to start getting offers to promote for a huge income return every month.

Let’s say you are running men’s fashion blog and you want to start offering space on your feed to feature promotions from brands, you can announce the opportunity on your Instagram feed and let people know how they can reach you to have a paid feature on your Instagram account.

Expanding your business and earning more money as a result is simple but as long as you are scared to give it a try, you will never see any success.

Paid social media exposure is a very simple way to build advertising revenue for your business, and your paid clients will bring their followers with them when they are featured on your account.

Again, everyone wins when you sell space on your social media feeds.

#3. Create New Products or Find More Clients

This one might sound a bit obvious, but many companies think that they need to start cutting costs when the purse-strings get a little tight. No, there’s a time for that, but not always. You can read up Stacy B Miller’s opinion of how to the best time to cut costs.

A lot of companies operate on a seasonal basis and only “staff up” during the busy times of the year. This is obviously not the best way to help your business scale.

If you want to help your bottom line, the easiest way to do that is not by cutting staff or cutting costs; it’s to find more clients.

Create a new product or service, or an upsell that you can offer to your existing clients and put the word out that your company is growing. We made an extra $1,000 in 2 weeks after announcing that our digital marketing agency has started operation.

If you are running a single-owner operation, consider offering consulting services on the side related to your business as a way to bring in more customers and create new services.

Many successful businesses that came back from the brink started out as side projects. Instagram, Twitter, Twitch, AppSumo and many of Google’s products that we know and love today also started as side projects.

If you own and operate a recruiting company, your job is to find the ideal employee for your clients. That alone is a great service, and you will earn decent revenue year in and year out doing just that.

Still, you know there is more you could be doing, right? Have you thought about reaching out to your existing clients and asking for referrals? Have you offered to conduct assessments of their existing business to see if there is an opportunity to add more employees?

Are you asking around the city about companies that are coming to the area? There is a lot you can be doing to grow your business and find new clients; you just need to start thinking outside of your existing services and products.

Conclusion

They say, “I want to earn more money,” but they don’t take the time to consider how they can make that money. So if you find yourself repeating these words, “I need to double my revenue this year” then it’s time to start thinking about offering training, selling social media feed space, or finding more clients for your existing products or offering new products to your existing clients.

Related

I am a multiple Award-winning blogger, CEO of Entrepreneur Business Blog, Chief Evangelist of Ebusinessroom Ventures, Lead Coach of The Excellent Entrepreneurs' Network (TEEN) and Convenor of #NaijaSitUp.
My business is to help you start, manage and grow a profitable and sustainable business using digital marketing strategies.
I have been featured and mentioned on platforms like, BloggingTips, StarterStory, StatusBrew, Realty Times, Emerald TV, SmartBCamp, Blogging from Paradise, Write Worldwide, Enterprise Boom, Atang Magazine, etc. In 2019, my blog won the Best Digital Media Award from AB Afrikpreneur.
When you want to hire a professional to handle your online marketing, I'm your go-to-expert you can speak to. In 2019, I won the Blogger of the Year from the Global Excellence in Marketing Awards, USA and my brainchild, EBB won the Best Digital Media Award at the AB Afrikpreneur Awards.
You can connect with me on Facebook, Twitter, Instagram, Pinterest and LinkedIn with this handle, @EmenikeNg

21 Comments

Hi Emmanuel,
To me, there is nothing as having and running a successful business. It’s never easy but at the end of the day, it’s far better than being an employee.
Although an employee might be better because of certain reasons like having less to worry about, having a stable income, etc. But nothing in this world can be compared to having the kind of freedom entrepreneurship offers.
And because of that alone, I don’t think there’s anything that will ever make me to stop being an entrepreneur and business owner.
Coming to your post, I agree with you that one of the various ways to make more money from a business is by teaching people. This is because the more you teach people, the more you expand your horizon, the more exposure you gets, and the more money you stand to make.
Apart from that, you’ll also be learning a lot more by teaching others. Furthermore, creating more products is equally amazing.
If you ask me, I’ll tell you that one of the best ways to make money online is by creating and launching your own products. And if you want to make more money, you create more products. However, you shouldn’t be creating products just to make money, you must ensure you’re actually solving peoples problems.

Wow, It’s splendid Article about Expending the Business, actually i am doing online work means i am blogger soi don’t expand my business for a long time but now I just change my Mind.
Thanks For Sharing this very knowledgeable article, hope you can share more articles like that i am waiting what is next.

Hi Emenike,
When in business we have to always be thinking of ways to expand. We cannot run a business successfully by being stagnant. If we want to increase our income we have to do what you have suggested. I like producing my own products. Teaching people what I have done and making it easier for them to do the same without wasting time. But there can be a problem to reach out and get new clients.
This is why this year I worked very hard on the JV adventure. I call it an adventure because it is a whole new learning curve for me to reach out to people I don’t know at all and offer my products/services for them to make money on too. I’m almost finished and excited about it. But I decided that this is the year I would expand my business this way and working hard to see it through.
-Donna

Very interesting article.
I especially like your point about selling your own product. Big bloggers like Neil Patel or Brian Dean doesn’t rely on AdSense or affiliates.
They market themselves
People will pay gladly if you are good at something you do.
Building a brand image is also important. People who are looking to buy a gadget look for reviews with the channel name. So building a brand is another important thing.
Keep up the good work

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